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NSE06 Aug 2026circularPrepared by Complied AI

Applicability of Enhanced Surveillance Measure

Official title

Applicability of Enhanced Surveillance Measure (ESM)

Official record

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What changed

The National Stock Exchange has updated the list of securities subject to the Enhanced Surveillance Measure (ESM) framework. Securities identified in Annexure I are now subject to a minimum 100% margin requirement and will be shifted from the Rolling Settlement segment to the Trade-for-Trade segment effective August 11, 2026. Additionally, securities transitioning to Stage II of the framework will be subject to a 2% price band under the Periodic Call Auction mechanism starting August 10, 2026. Securities listed in Annexure II are removed from the framework, with their previous price bands reinstated, provided they are not subject to other surveillance measures. This action is a market surveillance measure and does not constitute adverse action against the entities.

Who is affected
  • All NSE members
Required action
  • Apply a minimum 100% margin on all open positions as of August 10, 2026, and new positions created from August 11, 2026, for securities in Annexure I.
Key dates
  • Effective date for Stage II securities price band — 09 Aug 2026
  • Effective date for margin requirements and segment shift — 10 Aug 2026
Consequences
  • Securities qualifying under ESM will be shifted from Rolling Settlement to Trade-for-Trade segment.

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Source details

Source
National Stock Exchange of India
Type
circular
Published by source
06 Aug 2026
Document number
NSE/SURV/75647
Issuing division
SURVEILLANCE
Effective date
10 Aug 2026
Coverage area
securities

Document text

Prepared for reading; wording retained from the source.

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National Stock Exchange of India Limited

Circular

Department: SURVEILLANCE
Download Ref No: NSE/SURV/75647Date: August 07, 2026
Circular Ref. No: 602/2026

To All NSE Members

Sub: Applicability of Enhanced Surveillance Measure (ESM)

This is with reference to Exchange Circular nos. NSE/SURV/56948, NSE/SURV/57609, NSE/SURV/63361, NSE/SURV/64066, NSE/SURV/64400, and NSE/SURV/69315 dated June 02, 2023, July 18, 2023, August 09, 2024, September 20, 2024, October 04, 2024, and July 25, 2025 respectively in respect of Enhanced Surveillance Measure (ESM).

Members are hereby requested to note the following:

  • The securities as per the attached Annexure I have satisfied the criteria for inclusion under aforesaid measure and shall attract a minimum 100% margin w.e.f. August 11, 2026, on all open positions as on August 10, 2026, and new positions created from August 11, 2026.
  • The securities as given in Annexure II, are eligible to move out from the said framework.
  • A consolidated list of securities under the framework is given in Annexure III.

Securities qualifying under ESM shall be shifted from Rolling Settlement segment (Series: EQ/SM) to Trade-for-Trade segment (Series: BE/ST) w.e.f. August 11, 2026.

Additionally, securities shifting to Stage II shall be under Trade for Trade with price band of 2% under Periodic Call Auction w.e.f. August 10, 2026.

Market participants may note that the ESM framework shall be in conjunction with all other prevailing surveillance measures being imposed by the Exchanges from time to time.

The Price Band of a scrip moving out of the framework shall be reinstated to the Price Band applicable to that scrip before it got shortlisted under the respective framework. This will be subject to the scrip not being shortlisted or part of any other Surveillance measure, in which case, the price band of the relevant surveillance framework will prevail.

Further, it may also be noted that the shortlisting of securities under ESM is purely on account of market surveillance, and it should not be construed as an adverse action against the concerned company / entity.

For more information on Enhanced Surveillance Measure please refer to our Frequently Asked Questions (FAQs) - https://www.nseindia.com/regulations/enhanced-surveillance-measure-esm

In case of any further queries, you may write to us at surveillance@nse.co.in

For National Stock Exchange of India Limited

Sareesh Koroth Associate Vice President Surveillance

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